What salary do you think would be fair for a tax increase?
I personally think it should be 400,000 +. Small business owners who are making 250,000 will not have any money to to expand and add more employees. If they are taxed at this level they may also have to lay off people. People who work in small shops like flower shops, small retail stores, coffee shops, etc., might lose their jobs.
It'sa moot point. There is no increase in revenue to the treasury from tax increases. It's totally symbolic in an attempt to punish people and make one group believe they are shifting a larger burden to another. In reality the opposite tends to happen. There has never been any correlation between marginal tax rates and revenue received by the US treasury. And increase in marginal rates will likely shift the burden in the opposite direction then what is attempted. Case in point, the wealthiest income earners now pay a higher portion of the Federal Tax Revenue collected than they did before the tax reductions of 2002.
I got a little lost in your remarks. I am not that knowledgeable about tax finance. Maybe if you simplified your remarks a little; I would like to understand what you are saying.
Sorry for the Confusion. This might explain it better. http://landmarkwealth.hubpages.com/hub/ … ax-Revenue
Wages are tax-deductible for the business and it operates differently based on type of entity. They won't have to lay off people unless they're ignorant of the laws. Wages will only be what they take home after paying all of the business expenses. My belief is that anyone "required" to survive shouldn't be taxed, but after that it's up in the air. I can't speak to varying levels, but I do believe that our poverty level/standard deduction should be increased so we're not taxed on income that is absolutely vital for survival.
It's effects the K1 pass through income for an S-corp and an LLC. It's hit me quite hard. I can't deduct any of it. I just pay tax, therefore I pass it along to the consumer.
Wouldn't it keep small business from growing? I definitely agree about the poverty level increase. I had not thought of that before. Good info.
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